Gap Reports Flat Same-store Sales For December

(RTTNews) - Gap Inc. (GPS)  said Thursday that its same-store sales for December 2013 were flat compared to a 5% increase for December 2012.

Net sales for the five-week period ended January 4, 2014 were $2.05 billion, compared with net sales of $2.08 billion for the five-week period ended December 29, 2012.

For December, same-store sales grew 1% at the company's namesake stores, remained flat at Banana Republic and fell 2% at Old Navy stores.

For the November and December 2013 holiday shopping season, the company's same-store sales rose 1%.

Net sales for the nine-week period ended January 4, 2014 were $3.68 billion compared with net sales of $3.59 billion for the nine-week period ended December 29, 2012.

During the third quarter earnings announcement, the company reaffirmed its full-year earnings guidance of $2.57 to $2.65 per share for fiscal 2013. The company said Thursday it is now comfortable delivering at the high end of that range.

Analysts polled by Thomson Reuters expect the company to earn $2.69 per share for the fiscal year 2013.